was buying $1.2748, down slightly from $1.2771 late Friday in New York.

What’s moving markets

Stocks in the U.K. and the rest of Europe have been selling off on fears about potential contagion from Turkey’s problems, especially in the banking sector.

The country’s central bank on Monday made policy moves that failed to alleviate concerns among investors. It pledged to provide “all the liquidity the banks need” in a statement. It also said banks would be able to borrow foreign-exchange deposits from the central bank at a one-month maturity and one-week maturities.

What are strategists saying?

“The central bank has said it will take ‘all necessary measures’ to ensure financial stability and will take steps to ensure liquidity is provided. But in stopping short of actually raising rates, we must question if the central bank has the arsenal to combat this currency rout and avoid a financial crisis in Turkey,” said Neil Wilson, chief market analyst for Markets.com, in a note.

“As well as banks, we note that travel and tourism stocks with exposure to Turkey, like Thomas Cook, TUI and easyJet, were among the heavier fallers today,” Wilson added.